COVID-19: Early Release of Superannuation

Discussion in 'Superannuation' started by Roswell Crash Survivor, Apr 1, 2020.

  1. Roswell Crash Survivor

    Roswell Crash Survivor Well-Known Member Silver Stacker

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    You can now register your interest with the ATO for early release of your Superannuation (via MyGov).

    $10,000 for 2019/20 FY and $10,000 from 2020/21 FY.

    This is an exceptional opportunity to covert some of your money previously trapped in the 'Superannuation' slaughter-pen into cold hard cash; how you choose to spend it is your business.

    https://www.ato.gov.au/Individuals/...-using-your-super/Early-access-to-your-super/

     
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  2. Jason1

    Jason1 Well-Known Member

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    Dont do it.

    this would be like selling 526 ounces of silver at $19 an ounce In a price drop when you paid $26 ounce for it, instead of waiting for the price to recover.
    your losses would be insane.

    go talk to financial adviser if you arent happy with your super investment, dont just pull your money out of your super Willie Nillie when you could be f'king it up for your self, especially when you will be taking such a big hit.

    People who took their money out during the GFC when it dropped came off worse than those who left it alone and rode it out, and in only 5 years.

    I know of people who raided their super funds when they were younger, they are now retired and they live like dogshit on the pension fortnight to fortnight.

    So again if you arent happy with your Super investment talk to an adviser and sort it out.
    Last thing you want tobe doing is retiring with no money.
     
    Last edited: Apr 1, 2020
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  3. sammysilver

    sammysilver Well-Known Member Silver Stacker

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    Generalisation. What if you use the money to pay down your mortgage?
     
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  4. ozcopper

    ozcopper Well-Known Member Silver Stacker

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    I agree, for some people it would be a good idea, other people will just waste the money and that will hurt them in the long run.
     
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  5. GoldenEye

    GoldenEye Well-Known Member Silver Stacker

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    My accountant just informed me that those taking their super pension are allowed to take half of what was previously required for this year and next. So if you were previously required to take a minimum of 5% this is now 2.5%.

    So if you can afford it, you can leave your investments in the tax free environment of your super fund.
     
  6. fishduck

    fishduck Active Member Silver Stacker

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    Now, given the nature of this forum, is anyone planning on getting any gold and/or silver if they choose to release their super early?
     
  7. SilverDJ

    SilverDJ Well-Known Member

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    So not everyone can get it, you have to have actually suffered some hardship.
     
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  8. heartastack

    heartastack Well-Known Member Silver Stacker

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    You will need evidence of said hardship being the key point
     
  9. Oddjob

    Oddjob Well-Known Member Silver Stacker

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    Subject to the make up of an individuals super a/c investments, come 20 April there may not be anything there to take if the share markets keep tanking.
     
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  10. oziwassabi

    oziwassabi Well-Known Member Silver Stacker

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    If there is a "run on super", one would think a flash crash from this circumstance alone will occur?

    Good opportunity for those with cash already to take advantage of... then sell back when some of those receiving their funds buy back into the market in their personal trading accounts!
     
  11. Jason1

    Jason1 Well-Known Member

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    I have this big chunk of cash just sitting waiting for this lol.
    Every one seems to have this stupid idea of Selling low and buying high lol.
    many people seem to have it all arse backwards, this super cashing out is a perfect example of that lol.
    oh quick the stock market is high, better invest more into super, oh no stock market is low better pull it out, lol and take a big loss.
    Fomo combined with weak hands as they say

    Just finding the right time to drop a big chunk of cash on stocks.

    Then you have those who feel they have to pul ltheir super to survive, Be willing to bet they arent parting with any of the big flat screens and the expensive material items they have laying around before raiding super lol.
     
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  12. oziwassabi

    oziwassabi Well-Known Member Silver Stacker

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    Lol, your reasoning above is Buffet/Graham investing 101 :)

    I also noticed those waiting in the dole lines had some of the newest expensive headphones and more than likely the latest edition smartphones... yet dont have money to buy food this week?
     
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  13. heartastack

    heartastack Well-Known Member Silver Stacker

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    Given the psychology of culture right now not having the ‘latest’ IS considered the poverty line
     
  14. Jason1

    Jason1 Well-Known Member

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    ahaha so true
     
  15. silverhair

    silverhair Well-Known Member

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  16. Stoic Phoenix

    Stoic Phoenix Well-Known Member Silver Stacker

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    Have you not considered some people are pulling super as they don't trust the government not to mess with it in decades to come to your payouts detriment?
     
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  17. Jason1

    Jason1 Well-Known Member

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    If you were doing it for that reason the smart time tobe doing that is when the value of your super is high not when its low.
    There are times when the ship has long sailed and this is one. My comments are in regards to current prices not 6 weeks ago when prices were record highs.

    If they are wanting to manage their own super they didnt have rely on economic hardship todo so
     
  18. Stoic Phoenix

    Stoic Phoenix Well-Known Member Silver Stacker

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    Smart time? you mean the only time in history our government has allowed you to pull from your super pre retirement which is now?
    Who said my super is low? Personally mine is no lower than it was at the beginning of this financial year (and I havent put a cent into it this fin year).
    The ship hasn't sailed as you put it pal
     
  19. oziwassabi

    oziwassabi Well-Known Member Silver Stacker

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  20. Jason1

    Jason1 Well-Known Member

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    you could have managed your super your self at any time. Im glad to hear your super is worth the same, Many others cant say the same and would likely be foolish to pull out when its low.

    And any one reading this, take anything you read here with a grain of salt. Go see a Financial advisor if you want to mess around with your super, other wise you go about it wrong you will have a pretty shitty retirement simply because you listened to conspiracy theories on a forum.

    and you still have to prove hardship to pull this money out,
    so If you are under-hardship then Likely that money isnt going to be re-invested anyways.
     
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